Here are 4 Things to Know Before Entering a Pawnshop

If you are new to the pawnshop world, we understand that it can feel intimidating entering a pawnshop for the first time. But there’s no need to feel that way. At Imperial Pawnbrokers, we want to help our customers understand what we do in any way we can. That’s why we’ve compiled a list of four things to know before you enter a pawnshop. Take a look!

1. Know that pawnshops are not scary.Because of how pawnshops have been represented in media, many people assume that all shops are somewhat of a scary place to be. That is simply not the case. Pawnshops are regulated by different federal, state, and local laws, and we keep our shop very clean and professional.

2. Know what pawnshops want.

Pawnshops are oftentimes looking for classic items or things that do not lose value over time. For example, jewelry and coins are pieces that will never go out of style and continue to collect value as time goes by. Other items that can be popular, depending on the store, include: musical instruments, firearms and high-quality tools.

3. Know how pawn loans work.

A lot of people come in and wonder: “what is a pawn loan?”

For those that aren’t clear, pawn loans are collateral-based loans. Basically, this means that you take in an item of value, and if the pawnbroker is interested in the item, they can offer you a loan. The pawnbroker will go over the terms of the loan with you, which will include the value of the item and a small amount for storage fees and interest. These terms are regulated by federal, state, and local laws, and they will be listed on a pawn ticket given to you upon agreement of the loan.

4. Be prepared for some questions.One of the regulation rules that pawnbrokers have to follow is asking a line of questions to confirm that you are the legal owner of the property. We also request seeing a legal, government-issued ID card, so we can confirm your identification.

Now that you have a better understanding of what to expect before entering a pawnshop, it’s time to stop by Imperial Pawnbrokers! Our staff will be happy to assist you with any of your pawning needs. For more information on our services, contact us today.